Speaking to the BBC, Mr McGuinness questioned how a withdrawal would affect agreements made during the peace process.

The Sinn Féin minister said: "Anybody that has examined our relationship in the north with the EU over the course of many years, can't fail to recognise enormous benefits there have been for the community and voluntary sector, farmers and business community.

"I believe that right across the community - unionist and the broad nationalist/republican community - the majority of people place great value on our membership of the European Union and they want that to continue.

'Flexible economy'

He said a UK exit from the EU would mean a "lot more money available to the UK and Northern Ireland. We currently transfer £55m every day to Europe".

"We will be better off, we will have better control over our laws and borders. We will make the decisions," he said.

"The amount of money that goes to farming has steadily decreased from 73% in 1985 to only 40% now. EU focus is moving away from food production so the idea that somehow there's a great guarantee for anyone in terms of the current status quo in Europe is wrong.

"If you vote to stay in, it's the risky option because Europe will override Britain and Northern Ireland's best interests over and over again.

"For every £1 we get back [from the EU], we pay in £1.58."

The SDLP and the Alliance Party are to campaign for the UK to remain in the EU.

The Ulster Unionist party has said their ruling executive will meet next week to decide its position on the issue.